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" TRENDS IN PORTFOLIO MANAGEMENT SERVICES OF AXIS BANK, ICICI AND

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IJRIME Volume1Issue4 ISSN-2249- 1619

“TRENDS IN PORTFOLIO MANAGEMENT SERVICES OF AXIS BANK,

ICICI AND HDFC BANK”

Ms Gazal Aggarwal*
Mr. Pawan Kumar **

ABSTRACT
This paper aims to make a comparison of Portfolio management services in Axis, HDFC &
ICICI Banks in terms of progress and reforms they have made for the proper utilization of
people’s hard earned income. The comparison of these shows that banks dependence on
traditional activities has decrease during the period under consideration. In this paper different
components of Portfolio Management Services like Real Estate, Insurance and Investment in
Securities are taken into account. Earning scenario of all the banks has been studied and the
differences are probed into briefly. The analysis of the contents of portfolio Management
Services are done through statistical tools like growth rate, trend value and compound growth
rates. It has been widely debated that that ICICI Bank has a better experience of PMS activity as
compare to other two banks. There is no doubt that PMS Activities helps investors to plan the
investment of their resources with a high level of competency in recent years.
Keywords: PMS, NII, Ratio, Averages, Percentage, Interest Earned, Interest Expanded,
Exponential,

*Asst. Prof. Vidya Sagar College of Mgt. & Tech., Patiala

**Asst. Prof. Vidya Sagar College of Mgt. & Tech, Patiala

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INTRODUCTION
Trends in Portfolio Management Services of Axis, HDFC & ICICI Banks in India
The last three decades of 20th century witnessed the emergence of a number of issues that spared
debates and discussions among economists1. Financial sector is the major area of macro
economy that has received renewed focus in the recent areas. Within the broad ambit of the
financial sector, the banking sector has been the cynosure of academia.
The traditional face of banking is also undergoing change from that of mere intermediator to the
one of a provider of quick, cast, effective, and customer Centric services. Therefore, banking
sector is passing through a challenging, yet exciting, times and India is no exception to that rule.
By 1969, it had become evident that the commercial banking system did not satisfactory play its
role in the overall development of the nation. Funds coming from masses were being misused to
meet the vested interest of big industrialists and business men who controlled banks and used
these funds to build their own private empire. So, this lop sided pattern of credit disbursal and
the spate of banks failures during 1960’s forced the government to resort to nationalization of
banks2. Fourteen banks in 1969 with deposits of Rs. 50 crore and more were nationalized. In
June 1980, 6 more banks with deposits of more than Rs. 200 crore were nationalised. But with
the merger of New bank of India with Punjab National Bank on September 6, 1983, the number
of nationalised banks now stands at 27 out of which 8 are from State Bank of India and its group
(i.e. other state associated banks) and the rest 19 comprises other public sector banks.
The Indian Banking system progressed by leaps and bounds after nationalisaton3. Banking in
India recorded an unparallel achievement in spreading banking habit to rural and semi urban
areas.
Private sector banks are those banks in which majority of stake are hold by private individuals
and not by the government. Private sector banks came into existence to supplement the
performance of Public sector banks and serve the needs of the economy better. As the public
sector banks were merely in the hands of the government, banks had no incentive to make profits
and improve the financial health. Nationalized killed competition and stifled competition in
banking. Banks operated in regulatory environment with administered rate of interest structure,
quantitative restrictions on credit flows, high reserve requirements and significant proportion of
lend able resources going to the priority and government sectors. This resulted in low levels of
investment and growth, decline in productivity and erosion of profitability of banking sector.

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Thus, Narasimham Committee I (1991) which recommended the free entry of new banks in the
financial market provided they confirm the minimum startup capital and other requirements by
the permission of Reserve Bank of India. Private banking in India was practiced since the
beginning of banking system in India. The first Private Bank in India to receive an in principle
approval from the Reserve Bank of India was Housing Development Finance Corporation
Limited, to set up a bank in the private sector banks in India as part of the RBI's liberalisation of
the Indian Banking Industry. It was incorporated in August 1994 as HDFC Bank Limited with
registered office in Mumbai and commenced operations as Scheduled Commercial Bank in
January 1995. ING Vysya, yet another Private Bank of India was incorporated in the year 1930.
Bangalore has a pride of place for having the first branch inception in the year 1934. With
successive years of patronage and constantly setting new standards in banking, ING Vysya Bank
has many credits to its account. . IDBI ranks the tenth largest development bank in the world as
Private Banks in India and has promoted world class institutions in India.

These also took place rapid growth in deposit mobilisation by banks. As such, switching from
pure commercial pursuits to social commitments was the essence of era of nationalisation. But,
inspite of all these achievements, the baking sector performed poorly as regards their
productivity and efficiency.

The committee suggested that banks would have to minimize their risk and for this, banks should
not dependent only upon conventional sources of income. Rather they should try to shift towards
non traditional sources like PMS and off Balance Sheet Activities. Hence, recommendations of
the verma committee aimed at resource mobilisation by banks.

Portfolio Management Services (PMS) refer to the science and art of taking decisions
regarding investment policy and mix, aligning investments and objectives, asset allocation for
institutions and individuals, and balancing performance and risk. This specialized service offers
numerous customized investment strategies for capitalizing market opportunities.

Portfolio Management Services (PMS) is a sophisticated investment vehicle that offers a

customized investing into stocks, fixed income products, cash, other structured products and
mutual funds units, real estate etc. to meet specific investment objectives. Though, PMS is

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managed by a professional financial managers, it has potential to address the personal
preferences tailored into the investment portfolio giving the freedom and flexibility required for
achieving the financial goals. Portfolio Management Services are very essential in the present
world as getting more and more complex, with number of exotic financial instruments
increasing. With all these complexities, building and then managing portfolio on your own can
be a herculean task. Other than that, you may not have extensive knowledge about all the
investment alternatives. This is where your portfolio manager comes into help and makes
managing your portfolio easy.

PMS activities are of three types

A. Insurance
B. Investments in India
C. Real Estate
Insurance can be defined as the process of reimbursing or protecting a person from contingent
risk of losses through financial means, in return for relatively small, regular payments to the
insuring body or insurance company. Insurance can range from life to medical to general
(residential, commercial property, natural incidents, burglary, etc)
Insurance is further divided under different heads:-
a) LIC
b) GIC

B) Investments in India

Following are the details of investments services which are another type of PMS activities
provided by banks.

1) Commercial paper
2) Bonds
3) Mutual Fund
4) Joint Venture
5) Certificate of Deposits
6) Government securities

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C) Real estate is a broad term that refers to:

• Residential new homes and existing (resale) homes,

• Commercial shopping centers and offices,
• Industrial and manufacturing buildings and property,
• Vacant land and farms.

Hence, financial innovation reflected in growing portfolio management services of banks, is

considered one of the most significant developments of past few years. Through the increased
use of portfolio management services, there has been a notable shift towards capital market
instruments. Inspite of its growing popularity in all over the world, portfolio management
services have gained credence in the Indian context also. Recent initiatives by the government
and the Securities and Exchange Board of India (SEBI) are expected to go a long way towards
streamlining portfolio management services in India.

The present study was undertaken with a view to studying the trends and growth rate of income
from portfolio management services of banks.

Specifically, the study aims at

1. Working out the trends in spread (net interest income) and income from PMS (Portfolio
Management Services) of Axis, HDFC and ICICI banks over the period under
consideration.
2. Analysis the growth of components of PMS Activities (real estate, insurance and
investments) of Axis, HDFC and ICICI banks in India.
3. Examining the average rate of change of different forms of PMS activities of Axis,
HDFC and ICICI banks over the period under study.

Period of the study

The period of the study is from 2005 to 2010. The selection of the study period was dictated by
the availability of the requisite data in the Insurance Regulatory and Development Authority
(IRDA) website, namely, www.irda.gov.in
Data Sources

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The data used in the study pertain to Private sector bank in India mainly, Axis, HDFC and ICICI
Bank. The data on the amount of spread and PMS components were obtained from the website
namely:-www.irda.gov.in.,
Website of Axisbank, www.axisbank.com
Wbsite of HDFC Bank, www.hdfcbank.com
Website of ICICI Bank, www.icicibank.com
Statistical Tools
In the present study, simple statistical tools like ratios, averages and percentages have been used.
Further, the growth rates were also estimated using the exponential formula.
γt = Aβt eµt …………..(1)
The equation (1) in logarithmic linear form appears as follow:-
Log γt = Log A+ t. Log β + µ t …………….(2)
Where γt is the value of dependent variable in period t.
β is the parameter to be estimated in period t and µt is disturbance term.
The compound growth rate were worked out as
r = Antilog (β^- 1) x100
Here β is the essential value of the regression coefficient in equation (2).

Some Concepts
Following are some of the variables used in the present study:
1 Interest earned
2 Interest expanded
3 Spread or net interest income
4 PMS

Trends in growth of income of Axis, HDFC and ICICI Bank

In this paper an attempt has been made to analyze growth trends, spreads and Portfolio
Management Services of the private sector banks in India. These banks have been categorized
into three:
a) Axis Bank
b) HDFC Bank
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c) ICICI Bank

Section 1

Private Sector Banks Net Interest Income Portfolio Management

(Spread) Services

2006 2010 2006 2010

Axis Bank 47.46 35.76 55.17 24.45
HDFC Bank 43.19 13.01 51.58 9.11
ICICI Bank 66.18 -3.01 43.44 6.60
Table 1: Percentage share in net income
Table 1 shows the percentage share of net income i.e. spread and of Portfolio Management
Services in net income of the private sector banks mainly axis bank, HDFC Bank, ICICI Bank. It
may be seen from the table that ICICI has redesigned its operations in such a manner that their
net interest income (spread) as a proportion of their income declined where as that of income
from PMS rose over the period 2005-10
The table also depicts that Axis bank generates more income from traditional sources as compare
to PMS. The percentage rate of growth in net interest income increases from 47.76 percent to
64.98 percent. While in case of PMS there is downward percentage growth i.e. 55.17 percent to
24.45 percent.
In the case of HDFC, net interest income trends decline from 43.19 percent to 13.10 percent
.while in PMS it performs better from 51.58 percent growth rate to 57.15 percent growth rate.
Thus it broadly follows that except Axis bank, HDFC and ICICI Bank dependent more on PMS
for generating additional incomes. This mark a shift from their dependence on traditional sources
of income to non traditional sources, as has been suggested by several committees.
SECTION II
Growth rate of components of PMS of Axis, HDFC and ICICI Bank
In this section, an attempt has been made to study the components of PMS of each of the broadly
categorised private sector bank i.e. Axis, HDFC and ICICI bank.

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Period Investments in Insurance Real Estate Total Income

(1stApril-31st India (2) (3) (4)=1+2+3
March) (1)
2005 1504802 4687 158370 1667859

2006 2152735 8336 426942 2588013

(43.06) (77.85) (169.59) (55.17)

2007 2633529 14297 1120999 3768825

(22.23) (71.5) (162.56) (45.62)

2008 3309653 28068 1520205 4857926

(25.67) (96.32) (35.61) (28.90)

2009 4554174 42873 1919074 6516121

(37.60) (52.74) (26.24) (34.14)

2010 5529640 116053 2463839 8109532

(21.42) (170.69) (28.39) (24.45)

Growth Rate 16.98*** 5.39*** 16.98*** 7.33***

Table 2: An analysis of components of portfolio management services of Axis Bank during

2005-2010
(Amount i n Lakh)
Note: 1. *** significant at one percent level
2. Figures in brackets represents percentage rate of change over the previous year
AXIS BANK
Table 2 shows the average annual percentage rate of change and the growth rate of various
components of PMS of Axis Bank for the specified period from 2005-2010.
It may be seen from the table that average annual increase in PMS grew from 25.17 percent in
2006 to 45.62 percent in 2007.for the period 2005-2010 as a whole the compound growth rate
was found 7.33 percent.

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Of these, average annual percentage rate of change of insurance continuously increased from
77.85 percent during 2006 to 170.69 percent in 2010.It grew at the compound growth rate of
15.77 percent per annum.
Investments in India, on the other hand increased from Rs. 1504802 in 2005 to Rs.5529640 in
2010.over the period 2005-10, it grew at the compound rate of 17 percent per annum
Real Estate, on the other hand declined by 35.61 percent in 2008, but rose by 169.59 percent
over the period 2005-10. It grew at the compound growth rate of 16.98 percent per annum. On
the whole, when compared to other components of PMS, it grew in each subsequent year
comparatively at a much higher rate.

Period (Ist Investments in Insurance Real Estate Total Income

April -31st India (2) (3) (4)=1+2+3
March) (1)
2005 1934981 31043 270255 2236279
---- ---- ---- ----

2006 2639396 66947 483453 3389796

(46.74) (115.66) (78.89) (51.28)

2007 3056480 118444 732012 3906936

(7.65) (76.92) (51.41) (15.26)

2008 4939332 198844 1015704 6153880

(61.60) (67.88) (38.76) (57.51)

2009 5881754 227972 1847380 7957106

(19.08) (14.65) (81.88) (29.30)

2010 5860762 292206 2529308 8682276

(-0.36) (28.18) (36.90) (9.11)

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Growth Rate 12.76*** 22.86*** 15.29*** 10.69***

Table3: An analysis of components of portfolio management services of HDFC Bank during

2005-2010
(Amount in Lakh)
Note: 1. *** significant at one percent level
2. Figures in brackets represents percentage rate of change over the previous year

HDFC BANK
Table 3 shows that average rate of increase in PMS grew from 51.28 percent in 2006 to 57.51
percent in 2008.in both the years the ratio of increase for other private sector banks under study
higher than that of Axis Bank and ICICI bank. For the period 2005-2010 as a whole the
compound growth rate of PMS of HDFC Bank(10.69%) was found much higher as compared to
that of Axis bank (7.33%)
Of these, Insurance of HDFC Bank too continuously increased from Rs. 31043 lakh in 2005 to
Rs. 292206 lakh in 2010 and the compound growth of this component during 2005-10 was found
to be 22.28 percent which is higher than the other components of PMS of HDFC Bank.
Average annual percentage rate of change of Investments in India in case of HDFC Bank varied
between 46.74 percent in 2006 and by 61.60 percent in 2008. The compound growth rate of this
component during the 2005-10 was found to be 12.76%
Real estate, another component of PMS varied between 78.89 percent in 2006 and by 81.88
percent in 2009. The compound growth rate of this component during 2005-10 was found to be
15.29%. Which is much more than the compound growth of investments in India of HDFC Bank.

Period (Ist Investments in Insurance Real Estate Total Income

april – 31st India (2) (3) (4)=1+2+3
March) (1)
2005 5284958 101021 3755510 9141489
---- ---- ---- ----

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2006 7609980 186272 5216500 13112752

(43.99) (84.39) (41.56) (43.44)

2007 8675402 348520 7971680 16995602

(14.00) (87.10) (49.94) (29.16)

2008 10511637 589457 8130200 19231114

(29.17) (69.13) (1.99) (13.15)

2009 9347838 673459 7680300 17701597

(-11.07) (14.25) (-5.53) (-7.95)

2010 11755285 727060 6387070 18869415

(25.75) (7.96) (-16.83) (6.60)

Growth Rate 87.18*** 15.03*** 11.14*** 11.42***

Table4: An analysis of components of portfolio management services of ICICI Bank during

2005-2010
(Amount in Rs. Lakh)
Note: 1. *** significant at one percent level
2. Figures in brackets represents percentage rate of change over the previous year.

ICICI BANK
Table 4 shows that Average Annual percent rate of change of PMS in case of ICICI continuously
declined from 43.44 percent in 2006 to 2009 (-7.95 percent). However in 2010 it went on
upward and percentage rate of change of PMS increased from negative -7.95percent to 6.60
percent. For the period 2005-10 as a whole the compound growth rate of PMS of ICICI bank was
found much higher as compared to that of Axis bank and HDFC Bank i.e. 11.42 percent.
Out of real estate, its average annual percentage continuously decreased from 2007 to til 2010.As
investments in India is concerned its performance is far much better than other two components

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of PMS activity. Its compound growth rate 87.18 percent .As insurance is concerned, it increases
from Rs. 101021 lakh to Rs. 727060 lakh from 2005 to 2010.
Section III Average rate of change of components of all the banks together

Period (Ist April to Axis Bank HDFC Bank ICICI Bank

31st March)
2005 ------ -------- -----
2006 77.85 115.66 84.39
2007 71.57 76.92 87.10
2008 96.32 67.88 69.13
2009 52.74 14.65 14.25
2010 170.69 22.18 7.96
Growth Rate 5.39*** 22.86*** 15.03***

Table5: Average rate of change of Insurance of all the banks under study
Note: 1. *** significant at one percent level
2. Figures in brackets represents percentage rate of change over the previous year.

Period (Ist April to Axis Bank HDFC Bank ICICI Bank

31st March)
2005 -------- ------- ---------

2006 43.06 46.74 43.99

2007 22.33 7.65 14

2008 25.67 61.60 29.17

2009 37.60 19.08 -11.07

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2010 21.42 -0.36 25.75

Growth Rate 17*** 12.76 *** 87.18***

Tabl6: Average rate of change of Investments of all the banks under study
Note: 1. *** significant at one percent level

2. Figures in brackets represents percentage rate of change over the previous year.

Period ( Ist April to Axis Bank HDFC Bank ICICI Bank

31st march)
2005 ----- ----- ------

2006 169.16 78.89 41.56

2007 162.56 51.41 49.94

2008 35.61 38.76 1.99

2009 26.24 81.88 -5.53

2010 28.39 36.99 -16.83

Growth Rate 16.98*** 15.29*** 11.14***

Table 7: Average rate of change of Real Estate of all the banks under study
Note: 1. *** significant at one percent level
2. Figures in brackets represents percentage rate of change over the previous year.

The table 5,6,7 reveals that out of the components of Portfolio Management Services, the
insurance component registered highest compound growth in HDFC Bank with 22.86 percent as

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compare to Axis and ICICI Bank, which registered 5.38 percent and 15.03 percent compound
growth respectively. The second component of PMS ,i.e. the investments in India, the ICICI
bank has registered highest compound growth i.e. 87.18 percent as compared to Axis and HDFC
Bank, whose compound growth rate was 17 percent and 12.76 percent respectively.
Further the table reveals that out of the component of PMS, the Real Estate component registered
highest compound growth in Axis bank with 16.98 percent as compared to HDFC and ICICI
Bank which registered 15.29 percent and 11.14 percent compound growth respectively.

BROAD CONCLUSIONS OF THE STUDY ARE:

(i) Various committees like Narsimham committee II, verma committee and Tarapore concluded
that banks should try to shift towards non traditional sources in order to remove their weakness
and become viable.
(ii) The literature on the subject reviewed indicates that portfolio management services have
come to occupy a prominent place in the profit and loss of the banks, helping investors to plan
the investment of their resources with a high level of competency, reducing the number of
superfluous and loss making investment.
(iii) An analysis of trends in percentage share of spread (i.e. net interest income) and portfolio
management services in total income comprising of both spread and PMS of the three banks on
portfolio management services has increased for generating additional incomes during the recent
past.
(iv) A study of average rate of change of different form of income of Axis, HDFC, ICICI bank
reveals that these banks registered a higher growth rate of other income
(v) While examining the growth of components of portfolio management services of Axis,
HDFC and ICICI Bank, it was found that Axis bank has registered highest compound growth in
real estate, where as HDFC has registered highest compound growth in insurance, while ICICI
has registered highest compound growth in Investments in India.
(vi) ICICI Bank seem to have perform better than as compare to Axis bank and HDFC bank .out
of the various components of PMS activity, overall compound growth rate of ICICI bank on
various transactions have registered the highest among all other two banks.
Thus in the end we can say that emergence of PMS activity on these banks have grown
dramatically over the period under study.

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LIMITATIONS OF THE STUDY

Since there are number of Banks available in the financial market, but I have chosen only three,
due to time constraint. The reliability of the finding is 50% significant because we do not take
into account all other private sector banks. Their earnings from PMS can be more than the ICICI,
HDFC and Axis bank.

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International Journal of Research in IT, Management and Engineering

www.gjmr.org
183
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